As most readers will know, there seems to be a limitless variety of leases, each with its own special concerns and potential pitfalls. Let’s name a few (bearing in mind that terms may overlap – or may describe much the same thing by different names):

Build to Suit Lease

Reverse Build to Suit Lease

Ground Lease

Industrial Lease

Office Lease

Food Cart Lease (or is it a license? – we’ll look into this later on)

Kiosk Lease

Triple Net Lease

Gross Lease

Modified Net Lease

Percentage Lease

Operating Lease

Sublease

Retail Lease

Medical Office Lease

We could go on, but you get the idea – there are many kinds of leases that can be tailored for the needs of the landlord and tenant. In other words, there is no such thing as a “good form lease” that can serve as the starting point for all leases.

As a practitioner in the commercial real estate legal area for a number of years, I’ve often thought that leases should get more respect. While multi-million property purchases take center stage, leases are signed which have the potential to tie up very valuable property rights for very long terms. It’s still somewhat of a rude awakening for me to realize that a lease I am crafting with an initial term of 30 years, for example, and several options to renew for additional lengthy terms, will be likely be in force long after I expire! It’s like legislating for future generations, and the consequences of an ill-drafted lease can be huge.

Please join me as we take an informal look at leasing in general, then work our way towards specific lease situations and drafting issues. I welcome your input here, on LinkedIn and on Twitter. Here’s to the Art of Leasing!